2 critical issues
Basf Corporation
16-1090809· Florham Park, NJ· 2024 filing· vs 35 plans your size
C
0/100
Overall grade
Middle of the pack, with clear ways to do better.
–
Fees
not graded
A
Financial Wellness
A
Plan design
F
Compliance
Fees
Estimate only · not graded
Fees aren't disclosed. A typical estimate for a plan with this asset level is 14 bps, but this estimate is not graded.
Financial Wellness
Strong savings. Employees put away $14,996/employee a year. That's more than 94% of similar plans.
lower94th percentilehigher
Plan design
Well-designed. Has the features that matter most.
Employer match
The plan matches employee contributions, the single strongest driver of participation and savings.
Profit sharing
The employer also makes profit-sharing contributions on top of the match.
Automatic enrollment
New hires are enrolled by default. Plans with auto-enroll see much higher participation.
Safe harbor
Guaranteed employer contributions exempt the plan from annual IRS testing, so owners and higher earners can contribute the full limit.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
No brokerage window
Employees can only invest through the plan's core fund menu. A brokerage window opens the wider market for people who want more control.
Compliance & health
2 critical issues on the latest filing. These need attention.
Failed IRS fairness test
The plan failed its annual IRS fairness test and had to refund contributions to higher-paid employees. A safe harbor design eliminates this problem entirely.
Late employee deposits
Employee 401(k) deposits didn't reach the plan on time. The DOL treats this as a prohibited transaction, and it's one of the most common audit triggers. It needs a formal correction, not just a late deposit.
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
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Key insights
- Strongest area: financial wellness. Strong savings. Employees put away $14,996/employee a year. That's more than 94% of similar plans.
- Best place to improve: compliance & health. 2 critical issues on the latest filing. These need attention.
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